Indian lenders upgraded at Goldman Sachs

Mumbai: Goldman Sachs and Co. has upgraded the stock ratings of State Bank of India (SBI), Punjab National Bank (PNB) and Indian Overseas Bank (IOB), saying they will benefit from a rebound in India’s economy and the financial services industry.

SBI, the biggest in the country, and IOB were raised to “buy” from “neutral”, while PNB was upgraded to “buy” from “sell”, the brokerage said in a report on Tuesday. SBI was also added to Goldman Sachs’s Conviction List, while Bank of Baroda was raised to “neutral” from “sell”.